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There is a famous Seinfeld episode about an arrogant guy who unfortunately has to live in a bubble. This is the same situation which millions and millions of good people around the world are in. The arrogant central bankers, The Bubble Boys (+ Janet), have created the conditions for speculation to metastasize all over this Planet. The rampant money printing and the low rates have “forced” speculators to pile into numerous markets, turning them into orgies of greed. Speculators have piled into collector cars, high end art, and knick knacks and doo dads galore. But those are just side shows. The truly disgusting side effects stemming from decisions made by the arrogant, omniscient Bubble Boys +, can be seen in the real estate market. Their reckless hail Mary “policies” (experiments) have forced way too many good people into very tough situations, as rents and house prices have soared (housing costs). But of course the incessantly rising home prices are great for speculators. And many of these speculators have lived off of the government teat (courtesy of the always shafted non-insider tax payers) for years. But unfortunately the President apparently has no problem with these “teaters”, like Treasury Secretary Steve Mnuchin and his RE shenanigans. Many of the small, independent flippers and rehabbers aside, the insiders, thanks to our compassionate governments all over the world, have gotten disgustingly, grotesquely rich. And their lucre (basically) has come at the expense of the 99%, who have zero say in the policies enacted by the arrogant clowns running governments and central banks. So as government-connected Blackrock keeps piling up the profits, the average citizens suffer. If there is truly karma, then it’s time for that situation to reverse.
So as these RE banditos move from pueblo to pueblo, pillaging, plundering and looting, the unfortunate citizens have to pay their ransom to their new landlords. And if they wanted to buy, they are forced to pay bubble prices, or keep renting at higher and higher rates. We are so lucky to have such compassionate leaders around the world. And now Portland, Oregon has been invaded by the marauders:
“The migration from Silicon Valley, as well as Seattle, adds to the pressure on Portland real-estate prices.
New arrivals flush with money from home sales in the higher-priced regions often bid up prices. Through most of last year, the monthly rate of increase in Portland home prices led the nation, according to the S&P Case-Schiller price index.
Meanwhile, rapidly rising rents are straining tenants.
Scott San Filippo, a software developer from the Bay Area, got a front-row seat to that process after he moved to Portland last year. His new home was just across the street from a four-plex that was sold to a new landlord. He then watched three of the tenants, a single father with his son, a couple and an older gentleman, vacate.”
And of course, what does the compassionate government do, as the situation was caused by the governments and central banks to begin with – by meddling in the “free market” (not that their are any around anymore)? So just add in more bureaucracies and meddling:
“I was shocked how people could be forced out.’ …. ‘In San Francisco, there is rent control.’
In Portland, there is a new push for rent control.
That movement has gotten a boost from state House Speaker Tina Kotek, a Portland Democrat, who supports a bill in the Legislature that would remove a statewide ban on rent control. She also backs a temporary, one-year measure to limit rent increases to no more than 5 percent and forbid evictions without cause.
‘Too many property owners are taking advantage of the market conditions by evicting tenants, raising rents and finding new people who can pay more each month,’ Kotek said in a September speech.”
So as the speculation keeps forcing average folks to make very tough choices, and the arrogant buffoons running the show continue downing their cognac and devouring their Kobe beef filets, the citizens are getting extremely restless. They continue to see their real wages fall, as everything else around keeps going up in price (stagflation). But the elites time is coming. As the Seinfeld episode ends, George pops the bubble boy’s bubble, and an angry mob chases him and his colleagues down the street. The central bankers and politicians will suffer the same fate when their government/central bank bubbles finally implode. And we’re getting close.